Recently, discussions about LST, re-staking, and so on have resumed. Frankly, the returns look high, but the sources are actually just a few: the basic staking, the part that external parties are willing to pay for security/consensus services, and some incentives during the "subsidy period." Subsidies are easy to get but not long-lasting; don’t treat them as the norm.

Don’t let the “annualized” figures blind you to the risks: reusing the same collateral across multiple places, a small issue on-chain, punishment/slashing, and chain reactions can happen faster than you think; also, liquidity—when everyone wants to withdraw at the same time, the LST price and redemption pace may not keep up, leading to a poor experience. Recently, the staking unlocks and token unlock schedules are being scrutinized daily, which is alarming. But what I care about more isn’t the unlock numbers themselves, but whether the secondary market depth has thinned or if the withdrawal queues are starting to get long… Anyway, I’d rather earn a little less now than wake up one day and find that, “I didn’t do anything wrong,” but the system has kicked me out systematically.